AOL Nabs Millennial Media

Looking to broaden its mobile-focused programmatic ad platform, AOL said it has inked a deal to acquire mobile advertising specialist Millennial Media.

AOL said the deal, for $1.75 per share of Millennial Media common stock, will give it a supply-side platform for app monetization and add more than 65,000 apps to its suite of publisher offerings, and bring more mobile ad scale to the ONE by AOL, its unified multiscreen digital ad platform.

The deal, valued at almost $250 million, represents a 31% premium, as Millennial shares closed Wednesday at $1.34 per share. Shares of Millennial Media were up 39 cents (29.10%), to $1.73 per share in pre-market trading Thursday.